The titular services giant Stuart Title announced today the acquisition Cloudvirga, but leading fintech company which provides digital mortgages through its retail and wholesale systems.
Fred Eppinger, CEO of Stewart, said the addition of Cloudvirga, founded in 2016 and used by 10 of the nation’s 40 largest mortgage lenders, strengthens Stewart’s position in mortgage finance.
“By offering Cloudvirga capabilities and solutions to the Stewart family, we are further demonstrating our commitment to creating an industry-leading client platform that delivers ease of use throughout a real estate transaction,” said Eppinger. “Combined with our newly acquired capabilities such as RON, notary network and appraisal services, the Cloudvirga platform will accelerate our digital offerings across all markets, complement our existing capabilities and expand our ability to provide customers with comprehensive mortgage services and solutions. … “
Terms of the deal were not disclosed.
But the move fits with Stewart’s overall appetite for acquisitions – there have been more than a dozen since January. Following the collapse of the merger with Fidelity National, Stewart bought NotaryCam, Pro Tek Valuation Intelligence, United States Appraisals and Ask for Services, title and search support service, in March. April Stewart acquired Prima Title, OOO, a company based in Santa Fe, New Mexico. The firm also acquired ASK FOR SERVICES, title and search support service, in March.
HW + Managing Editor Brena Nat joins Proctor Loan Protector executives Damon Lapraid and Mike Demas to discuss the acquisition and new Proctor Loan Protector brand.
Submitted by: Proctor Loan Protector
In 2021, Stewart made a deliberate effort to strengthen her title services team; the company recently announced the recruitment of a new group vice president, Ana Villela-Murillo for the South East, as well as a new senior vice president, Peggy Sue Lane, with operations in southern California, Nevada and Arizona.
Stewart almost doubled its profit in 2020 was $ 154.9 million, up from $ 78.6 million in 2019. In the fourth quarter of 2020, the company reported nearly $ 60 million in net income, driven by historic mortgages. This is a major change considering the company only paid off in Q4 2019. income was noted at 728.3 million dollars, which is 215.6 million dollars, or 42%, more than in the third quarter.
CloudVirga, which enabled loan officers to obey in 2018 Fannie Mae Desktop underwriter and Freddie MacThe one-click loan product advisor is also gaining traction. The company said in January that its revenues doubled in 2020 and filing volume increased more than 300%.
The company has invested heavily in the growth of wholesale lending. In May 2020 launched CloudVirga TPO… The system automates the workflow for issuing bulk lender orders and provides lender brokers with private label point of sale solutions. Brokers get their own POS terminal, can compare products and prices, download or create loan files, run double AUS, prepare disclosures, order products, and send loan packages.
“We are thrilled to be able to join Stewart at this important time for our industry,” said Kyle Kamruz, CEO of Cloudvirga. “The support of an industry leader like Stewart will enable us to add value to our customers as we streamline and accelerate the document creation process.”
Cloudvirga expects similar revenue growth in 2021.
“In 2021, we expect the trends that drove our growth over the past year – low interest rates, lenders looking to diversify into other channels, and competition in TPO – will not only continue but increase,” Kamruz said in January. press release. … “We expect 2021 to be another record year.”